Forex Reserve: The Reserve Bank of India (RBI) stated on Friday that India's foreign exchange reserves rose another $4 billion to $670.857 billion for the seven days ended July 19, exceeding the all-time high reached the previous week. Overall reserves increased by $9.699 billion to an all-time high of $666.854 billion in the week ended July 12. Foreign currency assets, a major component of reserves, increased by $2.578 billion for the week ended July 19, according to data released on Friday, to 588.048 billion USD.

When expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-U.S. units such as the euro, pound, and yen held in foreign currency reserves.

According to the RBI, gold reserves increased by $1.329 billion to $59.992 billion during the week. Special drawing rights (SDRs) increased by $95 million to $18.207 billion, according to the apex bank. According to data from the apex bank, India's reserve position with the IMF stood unchanged at $4.610 billion in the reporting week.

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Rupee rebounds

The rupee rebounded from its all-time low of 83.72 (temporary) against the US dollar on Friday on expectations of strong and fresh foreign inflows into the domestic market. Foreign exchange traders stated the rupee was trading within a narrow range, taking cues from the dollar index, which has remained flat.

In the interbank forex market, the local unit opened at 83.72 and touched an intraday high of 83.69 and a low of 83.73 against the dollar during the session.

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(With Agencies Input)